IRS Levies can really do a lot of damage and can even ruin your life. A levy is the IRS’s way of getting your immediate attention. It’s their way of letting you know that you’ve ignored their previous communication.
Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, automobiles, stocks, bonds, boats, paychecks, and even Social Security checks!
Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they’ll keep taking your money until you cover your tax liability.
They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. It sounds cruel they don’t care. Their sole objective is to collect the back taxes owed. Period.
As bad as that is, a worse method is a wage levy (or garnishment). That’s when most of your pay check goes to the IRS. They don’t leave you enough to pay the bills, and most of your check goes to the IRS each and every week until the debt is paid.
If that doesn’t accomplish what they want, they’ll pull out all the stops. They’ll seize your assets and sell them at auction. That includes everything you own: home, cars, boats, jewelry, motorcycles, insurance policies, retirement funds, and anything of value.
At Jones, Savarese, Harrington & Company, we are often able to get those levies released and help you get out of this terrible situation. Our Tax Accounting team specializes in these IRS Issues. Our goal is to get you even with back taxes and the IRS, paying what you can afford and letting you start life anew.